Fed holds rates steady in October, two dissenters; meeting schedule to change

Key facts

• The October FOMC meeting vote to hold rates steady was 10-2.
• Inflation has remained above the Fed's 2% target.
• One FOMC meeting next year will focus solely on monetary policy strategy.

The Federal Open Market Committee decided to hold interest rates steady at its October meeting, with a 10-2 vote, although two members dissented. Federal Reserve Chair Kevin Warsh noted that inflation remains above the Fed's 2% target, despite low unemployment claims and job growth. Warsh also announced a change to the FOMC's meeting schedule for the following year, with one meeting dedicated to strategic deliberations.